If the economy's output and income double in 35 years, we can:
A) not say anything about the average annual rate of growth.
B)conclude that its average annual rate of growth is about 2 percent.
C) conclude that its average annual rate of growth is about 4 percent.
D) conclude that its average annual rate of growth is about 5.5 percent.
B)conclude that its average annual rate of growth is about 2 percent.
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Studies have shown that the price elasticity of demand for necessities, such as food, are higher in developing countries and lower in developed countries. What is the reason for this difference in elasticity?
What will be an ideal response?
Which of the following actions should be discussed with an attorney before undertaking as the action could be considered legal?
A) an agreement with a customer about the markets in which the customer is allowed to resell the product B) an agreement with a competitor firm not to bid on a contract C) an agreement with a competitor firm submit a low bid on a contract D) an agreement with a competitor firm submit a high bid on a contract
In an industry with network effects and differentiated products, it is possible for the industry to become an oligopoly if
A) they engage in a zero-sum game. B) they use a price-leadership model. C) they use a kinked demand curve model. D) a few firms reap most of the sales gains resulting from positive market feedback.
_____ measures the percentage change in quantity demanded of a good caused by a given percentage change in the price of a related good
a. Income elasticity of demand b. Cross-price elasticity of demand c. Advertising elasticity of demand d. Price elasticity of demand e. Point elasticity